In the first part of this article, we explored the hurdles and fears many people have when meeting with a financial advisor for the first time. I also shared my team’s process and our initial phone call.
Now we are going to look at what we actually cover in our first meeting, which we call the Discovery Meeting!
This first meeting is no-cost and no-obligation. It is a chance for us to meet face-to-face and determine if we’re a good fit for each other. There’s nothing to sign and no decisions to make during the meeting. The only "hard sell" I may give you is to if it would be helpful if I send you a firm proposal for our services for you to consider.
What Makes Us Special
1. A Collaborative Approach
The first thing we do as real financial planners is a thorough diagnosis. I can provide you with the greatest advice, recommendations, and solutions in the world. But if my solutions aren’t solving the problems and pains that you have, then they are worthless!
When people are unsatisfied with the solutions and recommendations from a financial advisor, it is often because their financial situation isn’t thoroughly diagnosed. And the advisor did not take the time to understand your dreams, vision, goals, and values.
So, I want to be sure we’re solving your problems by understanding your unique situation.
2. Understanding Your Financial Objectives
To thoroughly diagnose your financial situation, my team and I start by learning about your goals and values. We ask questions like:
What brings you in today?
What’s important to you about money?
What do you value most in a financial advisor?
What are your short- and long-term financial objectives?
How much do you think you need to retire? Ideally, when?
If you could wave a magic wand and change one thing about your financial life, what would it be?
This isn’t an exhaustive list, nor do we ask every one of these questions in every meeting. These types of questions give us a sense of what matters most to you which helps us ensure our advice aligns with your values.
3. Assessing Your Current Financial Situation
Next, we take a closer look at your financial landscape. This may include:
Reviewing your income and expenses.
Evaluating your assets and liabilities.
Analyzing your insurance coverage and risk management strategies.
Examining your investment portfolio, asset allocation, and account types.
Reviewing your tax return.
Discussing your estate plan and beneficiaries.
This in-depth review helps us determine if we have the expertise to address your needs effectively.
4. Our Planning and Investment Philosophy
Once I understand your situation, I outline my investment philosophy and planning approach. I like to emphasize:
Building portfolios to generate retirement income that lasts a lifetime.
Avoiding emotional decisions in portfolio construction.
Focusing on meeting your goals rather than chasing market performance.
We also walk through our Four Pillars of Financial Planning:
Cash Flow: Ensuring your money aligns with your spending and saving goals.
Risk Management: Addressing insurance and estate planning needs.
Tax Planning: Strategizing to reduce how much you pay in taxes over your lifetime.
Investments: Investing in such a way that you don't run out of money.
5. Clear Communication About Fees and Compensation
We wrap up the meeting with me clearly explaining how we work with clients and discussing our fees. Transparency is key:
For asset management, fees in the industry for the type of services we offer can range from nearly free to over 3% of managed assets. Our fees are competitively positioned in the middle, while offering a high level of service.
For project-based or stand-alone plans, fees vary by complexity. Most people who use this service fall into our Standard or Premium tiers.
You can learn more about our fees on our Pricing & Process page.
Your Path to Financial Confidence
During our Discovery Meeting, here’s what to keep in mind:
No pressure, no decisions: There is nothing to sign or commit to.
A thorough diagnosis: The goal is to identify your unique needs and determine if we can help.
Clear next steps: At the end of the meeting, we will ask if firm proposal detailing fees, and our services would be helpful for you.
Ready to take the next step? Schedule your introductory call today and start building a financial plan that works for you. Let’s turn uncertainty into confidence and complexity into clarity.